Be aware of differences with reverse mortgage closings and set accurate expectations.
More and more seniors are taking advantage of reverse mortgages to finance the purchase of their new home. And why not? If they have $200,000 available, and they don't want mortgage payments (who does?), they can buy a $400,000 + home by financing the remaining funds the a reverse mortgage transaction. They get the home they want spending the money they can afford and still have no mortgage payments for as long as they live in their home.
What's not to love for realtors? You may get a listing so the senior can sell their existing home in order to have funds for their new home. And people are on the move for so many reasons as they age.
Here's a tip on helping make the reverse mortgage purchase transaction smooth and easy:
The reverse mortgage loan documents are date sensitive and must be executed on the specific document date by all parties. This emphasizes the importance of using escrow companies who handle #ReverseMortgage transactions on a consistent bases. One of our difficulties in closing HECM's is escrow officers who consistently close forward mortgages and resist shifting gears... not to mention they are typically busy with forward closings.
We understand that escrow officers want docs are in hand before scheduling the signing but we are required to set a signing date upfront prior to ordering reverse mortgage documents. Be aware of how #reversemortgageswork and you won't believe how much more business will walk through your door.
Click to learn more: Home Purchase Guidelines for Realtors
NMLS #279499 800-489-0986